first bank savings

Bank Savings

Executive Compilation By John Noble

From Piggy Bank to Savings Account – The Benefits of Saving
Executive Summary By Paul Mcindoe

If your only debt is a student loan, then you would be better off financially, by putting your money into a high interest savings account and paying off the loan in small amounts when you have a bit of spare money.

Due to inflation, if your money is not invested or placed in an account that is earning more than the current rate of inflation, you are actually losing money. Like other savings accounts, the rates can vary from bank to bank, and unless the ISA is a fixed rate account, the interest can change over time. If you have in excess of £3000 to save, then there are plenty of high interest accounts, including internet saving accounts savings bonds and instant access savings accounts accessible through your local branch, telephone, and ATMs.

Sometimes banks offer high interest rates to attract customers, which are then reduced after six months or a year, so it can pay to keep an eye on the highest interest savings account and move your money around.

Is Your Bank Savings Account Safe?
Executive Summary By Al Thomas

It is important because the Federal Deposit Insurance Corporation is the one that guarantees your money in the (hopefully) unlikely event your bank might go out of business.

In January the FDIC said they were going to do an “update” on the protection of customer savings accounts at many banks. Banks should have at least 10% in reserves to pay off any customer(s) who present a demand for their money. Red flags go up and bank
examiners show up (I hope).  The FDIC can come in to take over control of the bank and remove present management.

Every bank pays a premium to the FDIC for this insurance. Part of the money is supposed to be set aside to create a reserve in the event of any bank failure. There Is no Social Security Trust Fund with your money in it.  Is your bank on the hit list? Doubtful. It is some of the largest banks that are having the worst problems.

Bank Saving Accounts
Executive Summary By Damian Sofsian

For someone who plans to save money and look for short-term safe and stable investments vehicles, bank saving accounts are the best option. In a bank saving accounts, people earn interest or yield that fluctuates according to general interest rates in the banking industry. Bank saving accounts are backed by the federal government through the Federal Deposit Insurance Corporation (FDIC). A variety of bank saving accounts are available in different banks. Money market accounts give account holders higher interest rates fro maintaining a certain balance. Bank saving accounts offer competitive interest rates, unlimited deposits, and ATM service with unlimited withdrawals facility.

Check out my other guides on Debt Loans Solutions and Student Loan Consolidation